a generic tag related to accumulating cash or bank deposit savings.

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0
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0answers
39 views

Balance transfer reward, is there a downside?

My credit union is offering a credit card promotion, 2% cash back on balance transfers No balance transfer/cash advance fees I currently have ~$13k in savings/CDs earning 1%-1.1%. Is there a ...
0
votes
2answers
92 views

Healthy money saving tips for a young person [on hold]

I'm 19 and I always spend my money on stuff I don't need and I'm trying to save enough money to build a tiny house in the next two years. Any advice on how to save up about $10,000 and stay ...
34
votes
2answers
2k views

Where can I put savings for my kid that I literally cannot withdraw from?

I currently have a second savings account where I'm saving money for my child's future - most likely it will be used for their college and/or wedding. I've heard horror stories of parents stealing ...
-1
votes
2answers
88 views

Saving/ Investing a lump sum

I have recently come to a settlement agreement with my employer, to terminate my contract. As part of the agreement, I am expecting to receive a pay off in one lump sum. I do not have any immediate ...
1
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2answers
118 views

Smartest Place to Put Tax Refund

Background: I graduated from university 9 months ago with roughly $30k USD in student loan debt, with interest rates from 3.1% to 6.5%, minimum payments are $300/month. Loan balances are from $2500 ...
3
votes
1answer
76 views

What percent of minimum wage should I save from today,if I expect a certain percent of the then minimum wage,as income from corpus,after retirement?

I am trying to evolve a simple formula or a thumb-rule (under assumptions) to answer the question " Am I saving enough for my retirement ? " or "How much should I save today ?". But, not in absolute ...
40
votes
10answers
11k views

Is paying off your mortage a #1 personal finance priority?

Everyone always says and aims to "pay off my mortgage" But in the current climate of low interest rates is this really worth it? Should that money be put to use earning a higher yield? OR Does the ...
1
vote
1answer
80 views

How to reach an apt going against inflation

I live in Argentina and I am 21 years old. One of my goals is to buy an apartment but the problem is the more money I have, the more money I am losing because of inflation. One of the options is to ...
5
votes
2answers
1k views

30, debt free and looking to invest $500-$1,000 a month [closed]

I'm 30, debt-free, make max contributions to my Roth IRA and 401(k) and have six months of living expenses in a high-yield online savings account. I live frugally and am gainfully employed. At this ...
14
votes
4answers
4k views

Paying Off Student Loans Early

I currently owe $34,558.00 in student loans ($31,000.00 principal + $3,601.83 unpaid interest accrued so far) with an average interest rate of 4.877%. I just started working full time ($70,000 GAI) ...
1
vote
2answers
108 views

Tips for a 21 year old on looking to invest [closed]

I am a 21 year old Computer Science student currently on a year out Placement at a Software Company where I am earning £17,000 a year. I'm half way through the placement and have saved £4,000 of the ...
0
votes
1answer
90 views

What would you say is the ideal percent of money per check should go into your savings account? [closed]

I would typically for me I'd say 12 - 20%. That way even if its a small check due to hours I'll still be able have some cash in hand.
0
votes
2answers
356 views

Does girlfriend have too much savings, time to invest?

My girlfriend is quite frugal and has successfully maintained an emergency fund of about $15,000 with an "incidentals" account that sits around $3,000. She does not earn a lot of money, about ...
12
votes
3answers
2k views

Least unsafe investment vehicle that meets or exceeds inflation?

Let's say I have an account with $30,000 set aside for long-term unemployment, medical emergency, etc. This account will most likely (and hopefully) remain unused for at least 5-10 years. I could ...
3
votes
0answers
55 views

Investing savings in the UK vs Australia

I have been living in Australia for 4 years now, and although I don't intend to live here forever, I will be here for the foreseeable future. I have savings in the UK and here in Australia, and am ...
20
votes
6answers
4k views

How safe is a checking account?

I'm 19, and I've been working since high-school. I still live with my parents. All of my money is in a checking account and I often use my Visa card for my purchases. My question is, how safe am I ...
1
vote
1answer
90 views

Saving into 'Help to buy ISA(s)' with partner

My partner and I are planning to buy our first house in the next 2-3 years. This month the UK Government has opened up help to buy ISAs which give a 25% bonus on top of what you deposit in up to a ...
4
votes
4answers
210 views

How can I help my friend change his saving habits?

My housemate is looking to take a trip next year and so for the first time in a while he's actively trying to save some money. He is employed, doesn't have any debts, and even has a bit of savings in ...
4
votes
1answer
450 views

How to maximise savings?

I am in my late 20s, living in the UK, and in my third year of professional work (one year industrial placement, two years since graduating from University). I have very little in the way of monthly ...
3
votes
5answers
173 views

What things are important to consider when investing in one's company stock?

I have been invited to invest a portion of my monthly wages in stocks for the company I work for (they'll match 30% of my investment). I'm interested in putting away some money for my family as I have ...
3
votes
3answers
636 views

31 years old, single, zero debt, engineer making 80k/year, saving 1k/month. How do you get ahead?

I have currently 10k in savings acc, rent an apartment for 1k/month, I don't have a 401(k) (I will start at the beginning of 2016). I'd love to buy a house or apartment next year and start a family in ...
0
votes
1answer
87 views

Can my friend send money (from a different country) to my NRE account?

I have an NRE account and I am saving completely through that account. Now one of my friends is working in Saudi Arabia and has to pay some money to my NRE account, which I opened from Dubai. Is it ...
0
votes
3answers
356 views

Should I buy ~$2200 of a hot stock or invest elsewhere?

Right now I'm 23, decent job ($50k/yr), about $6k in the bank, and about $50k in debt (car loan, student loan, no credit card debt or other 'high interest' debt). I'm about to start putting roughly ...
1
vote
1answer
119 views

How should I distribute my savings?

TL;DR How much should I keep as an emergency fund and how should I prioritise/distribute anything surplus to this? I currently have about 5-6x my monthly salary in savings. Currently I keep this ...
2
votes
1answer
73 views

Annuities-with deposits and withdrawals

A college education fund is to be accumulated by twenty level semi-annual deposits, the first due on Juanary 1, 1996. The fund is to provide 16 quarterly withdrawals of $ 1900 each, the first due on ...
4
votes
1answer
140 views

Savings or mortgage overpayment

This question might be too simple, but I just want to make sure I am not missing a crucial detail. I currently have a mortgage which allows free overpayments (up to 10% of the mortgage value each ...
0
votes
4answers
415 views

What should I do with my money?

I'm a final year University student with about 50k (AUD) in the bank earning interest at 2.8%. I have nearly finished my paid full time placement which is why I have a lot of money currently as I ...
0
votes
1answer
149 views

How can I get more interest than the 2.8% my bank is offering me on my $60,000 AUD? [closed]

I have recently been given a $60,000 AUD for the deposit on a house. I have since discovered that I am not earning enough to get a good enough mortgate. I think if I wait a couple of years I'll be ...
3
votes
1answer
95 views

Best way to do savings in India?

I have started to earn a year ago. All my funds are currently in banks. Is there any better way save money than leaving it in a bank account?
0
votes
2answers
137 views

Depositing a second party check for $10,000

Friend without bank account wants me to deposit a gift check in my savings account. Will I be taxed for it or have other implications?
3
votes
0answers
54 views

Short Term Strategy For Maximising Savings AsAlternative To ISA

I have been saving for about 10 years, putting the maximum into a cash ISA every year I have been able. I currently have around £50,000 in there. In approximately 2 years I plan to buy a property, ...
2
votes
2answers
113 views

Looking into investment bonds for the first time- what do I need to be aware of?

I have an ISA that has matured recently, and am now looking to reinvest that balance elsewhere. Given that most of the ways I usually save (current/ savings accounts, regular savers, ISAs, etc) aren't ...
11
votes
6answers
1k views

Should I continue to invest in an S&P 500 index fund?

I am saving to buy a house in 5-8 years. This year I invested $40,000 in a prominent ETF which tracks with the S&P 500. So far, I've lost $3,250, that is the stocks are now worth $36,750. I save ...
7
votes
1answer
303 views

Should I pay off my mortgage, begin retirement savings, or build my emergency fund?

My Goal I am trying to calculate how best to apply my income to my various goals. For the sake of simplicity, I'm interested in the balance between three specific goals: Paying down my mortgage ...
2
votes
3answers
108 views

Beginning investment

I'm 24, live in Australia, married (no kids) and renting. My wife studies and works a well paying, flexible job. I work in an unskilled government job that pulls in $50k-$60k per year. Currently we ...
0
votes
3answers
113 views

What to do with extra money when company doesn't offer 401k

I am looking for advice on what to do with some extra money I have. Currently, I have about $23k in my savings account, gradually increasing. I am (currently) employed, making good salary ($70k/yr), ...
106
votes
13answers
34k views

I'm 23 and was given $50k. What should I do?

Recently I was given 50k from my grandmother in her will. I am 23 years old and have no idea what to do with it. I make $33k a year. I have zero savings. I owe $35k in student loans over 6 years 0% ...
2
votes
1answer
133 views

College student interested in starting a stock portfolio, how much should I invest? [closed]

I have about 6k in my bank account, Ill be graduating next year with about 20k in loans. I want to start investing now though, how much of my savings do you think I should invest in a stock portfolio. ...
1
vote
3answers
98 views

Free brokerage vs paid - pros and cons

I currently have 30 free trades per month with a brokerage firm due to my account balances at their banking arm. I will typically trade a few shares of various companies in very small dollar amounts. ...
7
votes
2answers
673 views

How to find out if I have a savings account already?

I grew up in an awkward position. I never was told much about finances or anything having to do with them. When my stepfather died, my mother said something about savings accounts for my step brother ...
2
votes
2answers
181 views

Using multiple bank accounts

One thing I've always struggled with finance-wise is how to manage higher-level budget categories across a limited number of accounts. For instance, I currently maintain the following types of ...
1
vote
0answers
76 views

Where can cash reserves be stored in Canada, with 100% protection of principal and higher interest than high-rate savings accounts?

I abbreviate 'the amount of reserves to be deposited' to 'principal.' Criteria: This principal must be conserved (excepting rarities like the collapse of Canada) Must be able to be withdrawn no ...
35
votes
7answers
4k views

Ethics and investment

I am a young man who has recently reached a point of financial stability. I'm starting to think about long-term plans which may one day buy a home, or provide for myself in old age. This raises the ...
0
votes
1answer
46 views

Money Saved on finance charges

I have recently paid off a loan in full which I started keeping track of in a double-entry personal accounting software. Because I was paying before I started tracking I entered the current loan ...
3
votes
1answer
181 views

As a young person in his early 20s, when should I start thinking about buying a house?

I am saving up whenever I can for my future house downpayment, but I don't really have goals like : Have $X when I'm Y years old Buy a house at age Z Are there good guidelines to have? Goals? What ...
1
vote
2answers
238 views

How are money market mutual funds just as risky as cash?

Foreword: In this question, I ask NOT about default risk. Abbreviate 'money market mutual funds' to MMMF. MMMF are a type of mutual fund, which is always riskier than cash, per this MoneySense ...
2
votes
1answer
107 views

Current salary plans - criticisms and suggestions for improvements for a 21 year old

Hi everyone. I am 21 years old, working full time for the government as a Web Developer, and I'm looking to make the smartest decisions for my money. Assuming I get $2100 per fortnight, my planned ...
0
votes
1answer
52 views

Will interest rates on bank deposits ever fall close to 0 percent in India? [closed]

I wanted to know if interest rates will ever fall to close to 0 percent in India. + I would like to know that as close to 0 interest rates might affect the income earned through debt instruments at ...
3
votes
2answers
84 views

Retirement planning: Pension or personal saving/investing?

I work on short-term contracts that are well-paid - however, not knowing how long I will be working on a job, I have got into the habit of 'making hay while the sun shines' and saving what I can to ...
0
votes
1answer
122 views

Saving when saving is really hard

I read the article of saving, and i like the answer but it miss some points.e.g if i earn 1700 and have a baby on way. I am still living with my in laws as i am new in this country. So in my estimate, ...